Par vet becoming keeper of the Fortress

Palmer to manage group for media investments

Isaac Palmer, senior VP for corporate development at Paramount Pictures, will ankle the studio in July to become a managing director for Fortress Investment Group, a $15 billion Gotham-based asset management firm.

Palmer will finish up his Par contract through June before moving over to head up a new Los Angeles outpost for Fortress that will focus on media and entertainment investments.

Fortress assumed $270 million in Bank of America loans made to Michael Jackson, it was announced this week. If the pop star defaults on these loans, Fortress stands in a position to take over the Beatles catalog owned by Jackson.

Since joining Paramount in 1999, Palmer has made several groundbreaking structured film finance deals for the studio. He was the key dealmaker behind Melrose Investors, the studio’s slate financing transaction arranged through Merrill Lynch last year, worth between $200 million and $300 million (as reported in Daily Variety, Aug. 4, 2004). And, since 2001, he also has overseen some $1.5 billion in public and private German film fund offerings that have helped finance Par’s pic slate.

In addition to his role in structured film finance, Palmer also identified new business ventures for Paramount and served on the board of directors of Digital Cinema Initiatives, the studio consortium for digital exhibition.

Before joining Par, Palmer was VP, business affairs, at Ogden Entertainment in Gotham.

Fortress Investment Group is a global alternative investment and asset management firm founded in 1998 with approximately $15 billion in equity capital under management. Fortress affiliates have offices in London, Rome, Frankfurt, Geneva, Toronto and Sydney.